HDFC Standard Life mops up Rs 2,322 cr from anchor investors ahead of IPO

 HDFC Standard Life Insurance Company on Monday raised Rs 2,322 crore from anchor investors, ahead of its initial public offer on Tuesday. 

Singapore's sovereign wealth fund Temasek, Norwegian fund Norges, Kuwait Investment, T Rowe Price, Fidelity, Blackrock and JP Morgan are among the anchor investors, according to a regulatory filing. The shares have been allocated at the upper price band of Rs 290 apiece. The company's executive committee and the promoter selling shareholders in consultation with the manager to the offer have finalised allocation of 80,068,600 shares to anchor investors, the filing submitted to the NSE said.

Price band for the offer has been fixed at Rs 275-290 per share. The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55% stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42%, holding by Standard Life Mauritius. At present, HDFC owns 61.41% stake in HDFC Standard Life and Standard Life has about 34.86% stake, while the remaining is with employees and PremjiInvest.